updated: 5/30/2012 2:06:02 PM
Kentucky-based Whayne Supply Co. has announced plans to expand operations in Evansville and add up to 50 jobs over the next few years. The Caterpillar Inc. (NYSE: CAT) dealership says it will invest nearly $2.5 million to purchase a new Vanderburgh County facility.
May 30, 2012
Evansville, Ind. -- Whayne Supply Company, a distributor of heavy construction and earthmoving equipment, announced plans today to expand its operations here, creating up to 50 new jobs over the next few years.
The company, one of the nation's oldest and largest Caterpillar dealerships, will invest $2.45 million to purchase and equip a 79,730 square-foot facility adjacent to its current Evansville location at 2504 Lynch Road. The new location, which will support the company's expansion into the mining equipment industry, will house re-manufacturing of mining equipment and distribution operations. Facility renovations are expected to begin this summer.
"Indiana leads the nation in job growth because of companies like Whayne Supply," said Governor Mitch Daniels. "The decision to expand in the Hoosier State is further evidence that our quality workforce and pro-business policies have given us a competitive advantage over other states in attracting new investment."
Whayne Supply, which currently employs 140 Hoosiers in Evansville, plans to begin hiring new management, manufacturing and distribution associates to coincide with facility renovations and improvements.
"With leaders at both the local and state levels committed to our expansion efforts, Indiana has cultivated a pro-business environment with its outstanding infrastructure, talented workforce and recent legislation to lower taxes and become a right-to-work state," said Monty Boyd, president and chief executive officer of Whayne Supply. "All of this provides the perfect setting for Whayne Supply's growth plans and made our decision to continue to invest in southwest Indiana an easy one."
Headquartered in Louisville, Ky., Whayne Supply was founded in 1913. Today the company has approximately 1,300 employees at its 15 locations throughout southern Indiana and Kentucky. It is an authorized Caterpillar distributor and the local dealer for a large portfolio of brands including ThomasBuilt Bus, Challenger, LEXION and Trail King equipment.
The Indiana Economic Development Corporation offered Whayne Supply Company up to $400,000 in conditional tax credits and up to $50,000 in training grants based on the company's job creation plans. These tax credits are performance-based, meaning until Hoosiers are hired, the company is not eligible to claim incentives. The city of Evansville will consider additional property tax abatement at the request of the Growth Alliance for Greater Evansville.
"Whayne Supply had the option of moving this project out of state, but with the help of the Growth Alliance for Greater Evansville, the company recognized the value of expanding their manufacturing operation right here in Evansville," said Evansville Mayor Lloyd Winnecke. "The decision to stay in Indiana is part of the resurgence in the state's manufacturing sector that has seen an increase in industrial employment this year, according to a recent survey by Manufacturers' News, Inc."
In April, Indiana led the nation in private sector job growth at six times the national rate and added more new jobs in the month (+15,400) than its neighboring states combined (-1,000). Also, the Hoosier State was second in the nation in manufacturing job growth. This sector has grown by more than twice the national rate.
About Whayne Supply
Whayne Supple Company is a wholesale distributor and rental agent for new and used heavy construction and earthmoving equipment, as well as engines, power systems and work tools. For more information, please visit www.whayne.com.
Created by Governor Mitch Daniels in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Daniels. Dan Hasler serves as the chief executive officer of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.
Source: Indiana Economic Development Corp.